two isa's?

chindit7

Howdoo all, I'm new to this forum. Basically my question is, can I have two isas if I'm only paying into one of them? I have built up just over 11G in an RBS Isa over a few years. With the current abysmal state of rates for savers at present, I am thinking of change.I shall take out a new Isa with the best rate. say 3.51% offer at Natwest and pay new money in over 12 month. This Isa offer doesnt allow money transferred in, so, my question ,hope you dont find it all too naive!,is, can I just transfer the existing isa to another provider at a better rate than RBS and not put any of the 2009 to 2010 allowance in? Any advice gratefully received! Chindit7

alastair_h

Yes you can open two Cash ISA's in a financial year but only contribute (pay in) to one of them.

Yes you can transfer your RBS "abysmal rate ISA" to a provider which accepts transfers in, see attached links. You don't have to pay in to it for 09/10 - that can be with another provider. I think the Natwest e-isa does accept "transfers in", if that's what you were looking at.

http://www.natwest.com/personal/savings/g2/isas/e-isa.ashx

http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1
or
http://www.moneyfacts.co.uk/money/savings/10/isa-trasfers.aspx

chindit7

Thanks Alastair for the helpful advice and taking the trouble. The natwest does say it accepts transfers in, I must get confused these days! Cheers ,Chindit7

jimbow25

Be careful there are 2 slightly different Natwest ISAs paying 3.51%. Make sure you apply for the one you want.

The Cash ISA Plus pays 3.51% from £1 and doesn't accept transfers in.

The e-ISA pays 3.51% on amounts over £10,000 (3.25% from £1) and does accept transfers in.

chindit7

Nice One Jimbow25! Thanks. If I look at too many similar offers on these Banks' websites its easy to get confused , for me at least! Regards. Chindit7